17 Nov 2015 07:00
The Quarto Group, Inc.
Shareholder Changes
The Quarto Group, Inc. ("Quarto" or "the Group"), the world's leading illustrated book publisher and distribution group, has received notification from significant shareholders Harwood Capital and Wellcome Trust that they have sold their holdings in the company.
Christopher Mills, Harwood Capital's Managing Partner, will step down as a non-executive director of the company when a new non-executive director has been appointed, at the latest by the Annual Meeting to be held in May 2016. He will retain his personal holding of 100,000 shares in the company.
Christopher Mills said:
"In the three years since Harwood took a hands-on approach to our investment in Quarto with the support of Wellcome and others, the share price has improved by close to 50%. The corporate governance of the company is now in accordance with best practice, the management team of Tim Chadwick, Chairman, and Marcus Leaver, CEO, has set a clear strategy and the company is beginning to fulfill the potential I have always believed it had. I wish Quarto well with the further value creation the company is capable of."
Marcus Leaver, CEO of Quarto, said:
"I am grateful for Christopher's support over the last three years as we have established a clearer operational structure and strategic roadmap in developing an even more successful Quarto. We have increased earnings and reduced debt substantially during this time. The sale of both the Harwood and Wellcome stakes will bring about increased liquidity in the shares of Quarto and is already allowing greater engagement with our new institutional investors as we embark upon our 40th Anniversary in 2016."
Ends
For further information please contact:
The Quarto Group | +44 (0)20 7700 9004 |
Marcus Leaver, CEO |
|
Michael Connole, CFO |
|
|
|
Westhouse Securities | +44 (0)207 601 6108 |
Andy Crossley |
|
|
|
Bell Pottinger | +44 (0)20 3772 2491 |
Elly Williamson |
|
Lucy Stewart |
|
About The Quarto Group
The Quarto Group (LSE: QRT) is the world's leading illustrated book publisher and distribution group and is listed on the London Stock Exchange. Quarto employs about 400 talented and creative people in five distinct but complementary businesses - Quarto International Co-editions Group; Quarto Publishing Group USA; Quarto Publishing Group UK; Quarto Hong Kong; and Books & Gifts Direct, Australia & New Zealand.
The Group is well positioned in resilient segments of book publishing with rich reserves of Intellectual Property. Quarto is uniquely positioned for growth as the industry adapts to new means of marketing, sales and routes to market. The Group's headquarters are in London where the Company was founded in 1976.
www.quartoknows.com